Global equity investors have enjoyed a remarkable run. The world’s premier stock market index, the S&P 500, rose 24% in 2023, another 23% in 2024, and 16% in 2025. With long-term average returns in the 8-10% range, three consecutive years of above-average performance is something to be grateful for. This time last year, we discussed with clients the possibility that downside volatility could return after two strong years. It did.

So much of life operates on a strict calendar. We are regularly confronted with "Quarterly Reviews," "Year-to-Date" performance charts, and heat maps. Life, it can often seem, is easily obsessed with measuring time in fiscal periods and measuring success in percentages. While we certainly pay attention to those metrics at Bespoke, there is a risk that, by focusing so heavily on Return on Investment (ROI), we lose sight of another metric: your Return on Life (ROL). Regardless

South Africa’s asset management industry is undergoing a merger shakeup that is changing the investment landscape rapidly. For investors, this means more than just headlines: it brings uncertainty, the potential for cultural clashes, and the possibility of portfolio changes. The key question is whether this consolidation will reduce choice and value for investors, or create a more resilient industry.